The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2015

Contributions equivalent premiums: prescribed person

8.—(1) For the purposes of section 55(2) of the 1993 Act(1) (which requires the prescribed person to pay a contributions equivalent premium in the case mentioned in section 55(2B) of that Act(2) and enables them to elect to do so in certain other cases) the prescribed person is—

(a) in a case where a transfer has been made in relation to a scheme under section 161 of the 2004 Act (effect of Board assuming responsibility for a scheme), the Board of the Pension Protection Fund (as defined in that Act(3)); and

(b) in all other cases, the trustees of the scheme.

(2) Where, in accordance with paragraph (1)(a), the prescribed person is the Board of the Pension Protection Fund, regulations 9, 12 and 13 apply with the following modifications—

(a) except in regulation 12(1), references to “the trustees of the scheme”, “the trustees” or “the trustees of a scheme” are to be read as references to “the Board of the Pension Protection Fund”; and

(b) references to “the resources of the scheme” are to be read as references to “the Pension Protection Fund”, being the Pension Protection Fund specified in section 173(1) of the 2004 Act (Pension Protection Fund).

(1)

Section 55 is repealed by paragraph 37 of Schedule 13 to the 2014 Act, but saved for certain purposes, see S.I. 2015/1502. Section 55(2) was substituted by section 141 of the 1995 Act, and amended by paragraph 7 of Schedule 2 to the Welfare Reform and Pensions Act 1999, and paragraphs 1 and 26 of Schedule 4 to, and Part 6 of Schedule 7 to, the Pensions Act 2007.

(2)

Section 55(2B) was inserted by paragraph 7(1)(c) of Schedule 2 to the Welfare Reform and Pensions Act 1999.

(3)

See section 107.